Contents

The song was written for the caretaker of the Northern California Broken Arrow Ranch, which Young purchased for $350,000 in 1970. The song compares a young man's life to an old man's and shows that the young man has, to some extent, the same needs as the old one. James Taylor played six-string banjo (tuned like a guitar) and sang on the song, and Linda Ronstadt also contributed vocals.[2] In the movie Heart of Gold, Young introduces the song as follows:

About that time when I wrote ("Heart of Gold"), and I was touring, I had also -- just, you know, being a rich hippie for the first time -- I had purchased a ranch, and I still live there today. And there was a couple living on it that were the caretakers, an old gentleman named Louis Avila and his wife Clara. And there was this old blue Jeep there, and Louis took me for a ride in this blue Jeep. He gets me up there on the top side of the place, and there's this lake up there that fed all the pastures, and he says, "Well, tell me, how does a young man like yourself have enough money to buy a place like this?" And I said, "Well, just lucky, Louie, just real lucky." And he said, "Well, that's the darndest thing I ever heard." And I wrote this song for him.

He tells a similar story when introducing the song at a February 23, 1971 performance broadcast by the BBC (in which he says that he purchased the ranch from "two lawyers").

In 2008, during the memorial service for Heath Ledger, the song was chosen to be played with a slideshow of pictures from Ledger's life.[3] Liam Finn (Neil Finn's son) & EJ Barnes (Jimmy Barnes's daughter) covered the song on the TV show RocKwiz.